Mr Market is trying to wake up this morning, with the Dow up 23 points, the SPX flat, and the DJT, the RUT, the COMPQ, and the XLF all down a little. The Commodity complex is mixed, with Oil down .91 at 88.2, Gold up 3.0 at 1344 and Silver down a little at 27.25. The Euro is up a couple of ticks at 1.364 while the Dollar is also up a couple of ticks at 78.27. The 10 year Note is up 10 ticks at 3.40% and the long Bond is up 1/4 point at 4.55%.
There is a growing realization in the financial press that the Congress may actually be looking for ways to help the States eliminate or somehow change their structural problems with their debt structure. Foremost on the States "To Do" list is help in changing their Pension obligations and changing or breaking their Union contracts. This has the makings of a new, and different kind of cultural war.
As we reported last week, the Proprietary Momentum Change indicators have generated new Sell signals in many market sectors.. the SPX, the DJT, the COMPQ, the RUT and the XLF. Mr Market can and often does what ever it wants to do, even change its mind. That is why it is important to have stop loss orders GTC back of every position.
This week could be a very exciting experience for us short term traders.. .In addition to our Momentum Change signals, there are warning signs in the VIX that volatility may be returning to the markets, Bullish sentiment is locked in historic levels, and many indexes are trading at or have broken trend support lines.
Best To Your Trading!
Bill
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